Four Important Aspects of Being a Successful Entrepreneur

Reading about successful entrepreneurs be it Steve Jobs or Walt Disney, there are a few concepts that stand out and are recurring in these entrepreneurs’ stories. Here are four essential aspects that every individual must understand in order to be a successful entrepreneur.

“Risk more than others think is safe. Dream more than others think is practical.”Howard Schultz, CEO, Starbucks

Dreams and taking risks go hand in hand. Every successful entrepreneur will testify to this. When Howard Schultz took back the reins of Starbucks after the company’s stock price fell drastically during the recession, he took risks to put into motion the resurrection of the company. Creating a distinct coffee culture across the country in the first place was a huge risk but it paid off and today Starbucks is a global leader. You need to be open to taking a leap of faith backed by vision, passion, and intellect.

“The way to get started is to quit talking and begin doing.”Walt Disney, co-founder, Walt Disney Company.

Ideas are the starting point and some say it’s the easy part. The next step is the daunting task – to stop talking and begin doing. Taking a leaf out of Walt Disney’s life, when the icon got interested in animation and had the idea to develop the art, he quit his job at the Kansas City Film Ad Company and embarked on his own. This doesn’t mean that if you have an idea you ought to quit your job and jump right in, however it’s important to prepare and commit at a certain point.

If Steve Jobs didn’t ask for perfection in every detail of every Apple product, the company may not have announced record revenues last quarter. Apple is what it is today because of the detailing of its products. If you read Steve Jobs’ biography, there are countless stories about how he emphasized the importance of spending time and energy to get all aspects right. It’s important to have strong vision but it’s also essential to understand that it takes time and a lot of effort to realize any dream. Overnight changes more often than not do not sustain in the long run.

“A person who never made a mistake never tried anything new.”Albert Einstein, physicist.

No entrepreneur could say that they got everything right at the first go. It’s only natural to make mistakes and learn as you go. The mistakes you make don’t define you, it’s what you do after a mistake has been made that speaks of your caliber. Einstein made quite a few mistakes early in his career. But irrespective of those he carried on. He re-thought his work on countless occasions and understood that sometimes you make mistakes. This may be more of an academic example than an entrepreneurial one, however this applies to all and especially to every entrepreneur who is wary of making mistake.

The Martin J. Whitman School of Management at Syracuse University is renowned for its Entrepreneurship programs. The school provides a great framework for aspiring and active entrepreneurs to develop ideas, connect with like-minded individuals, and get a grasp on what it takes to be a successful entrepreneur. For more information on the M.S of Entrepreneurship, click here.